RAKBANK New RAKauto Loan


    Min SalaryAED 5,000
    Flat Rate (As Advertised)2.35% p.a.
    Reducing Rate (est. equivalent)4.26% p.a.
    Arrangement Fee1%
    Down payment20%
    Max Finance Amount500,000
    Early Settlement Fee1%

     

    MAIN BENEFITS

    • Repay your first installment within 60 days. Option to defer up to two installments per year
    • Finance available for Insurance, Rust proofing, service and maintenance contracts
    • RAKdirect 24 hour phone support

    OVERVIEW OF FEATURES

    • You are required to put 20% as down payment for this product.
    • Loan repayment period is up to 60 months.
    • You require a minimum salary of AED 5,000 per month to be eligible.
    • It is not a requirement to transfer your salary to apply but the rate is lower if salary is transferred.
    • The processing fee is 1% of loan amount [Min AED 500 ; Max AED 2,500].
    • The early settlement fee is 1% of outstanding balance.
    • The rate starts at 2.35% based on a flat rate. It will vary according to the customer profile and the dealer the car is purchased from.
    • The flat rate of this finance is 2.35% and the equivalent rate in reducing balance is 4.26%. The calculation used is a multiplication of the flat rate by 1.814 and this is indicative only.

    RAKBANK - Dubaisavers

    More on RAKBANK 

    RAKBANK, also known as the National Bank of Ras Al Khaimah (P.J.S.C), is one of the oldest and most dynamic banks in the UAE. Founded in 1976, the Bank underwent a major transformation … see more..

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